Gold prices are modestly lower Friday morning as traders look for direction amid renewed concerns about U.S.-China trade tensions after the Chinese government and media talked tough, saying the U.S. administration must show sincerity if it is to hold meaningful trade talks.
Meanwhile, the U.S. President Donald Trump today officially postponed auto tariffs for up to six months.
Thanks to recent upbeat data on jobless claims, housing starts and Philadelphia-area manufacturing activity, the dollar remains fairly steady today, moving in a tight range above the unchanged line.
Gold futures for June are down $2.20, or 0.17%, at $1,284.00 an ounce.
Silver futures are declining $0.124, or 0.85%, at $14.415 an ounce, while Copper futures for July are down $0.0140, or 0.51%, at $2.7340 per pound.
Amid fears of an escalation in U.S.-China trade tensions, U.S. stock futures are drifting lower this morning.
The Dow, S&P and Nasdaq futures are down between 0.7 and 1%.
Markets in Europe are exhibiting weakness on trade worries.
While U.S. President Donald Trump has sought to blame China for backing out of a nearly completed trade deal, a spokesperson for China's Ministry of Commerce claims the U.S. is responsible for serious setbacks in the trade talks.
Commerce Ministry spokesperson Gao Feng accused the Trump administration of "bullying behavior" with a recent increase in tariffs, according to state-run Chinese news agency Xinhua.
"It is regrettable that the U.S. side unilaterally escalated trade disputes, which resulted in severe negotiating setbacks," Gao said.
He added, "We urge the U.S. side to correct wrongdoings as soon as possible to avoid causing heavier damages to businesses and consumers in both countries and dragging down the global economy."